MK0018– International Marketing

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ASSIGNMENT

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

1 Discuss the scope of international marketing. How is international marketing more complex than domestic marketing?

Answer : Scope of International Marketing

International Marketing constitutes the following areas of business:-

 

• Exports and Imports: International trade can be a good beginning to venture into international marketing.

 

• Contractual Agreements: Patent licensing, turn key operations, co – production, technical and managerial know – how and licensing agreements are all a part of international marketing.

 

• Joint Ventures: A form of collaborative association for a considerable period is known as joint venture. A joint venture comes into existence

 

 

 

2 What are trade barriers? Compare tariff and non-tariff barriers.

Answer :  Trade barriers are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services. Not everything that prevents or restricts trade can be characterised as a trade barrier.

 

 

A trade barrier may be linked to the very product or service that is traded, for example technical requirements. A barrier can also be of an administrative nature, for example rules and procedures in connection with the transaction. In a number of areas, special international ground rules have been agreed, which limit the ways in which countries can regulate trade. It means that some barriers are legal while others are illegal.

 

Trade barriers within the EU are subject to special rules that apply to the internal market of the EU.

 

Sometimes it may also be possible to assist companies that face obstacles to trade that do not fall under the definition of actual trade barriers.

 

 

 

 

3 How is international marketing research carried out? Discuss in brief.

Answer : Four Steps of International Marketing Research

Framework for international marketing research:

Marketing research are the formal studies of specific situations. As discussed in the earlier lectures

major issue in decision making is that managers often fail to appropriately understand the issues or

problemsand hence endup making right decisions for wrong problems.

 

Since international markets areoften foreign toamarketerthere are evenmore chances that the marker mat miss-understand theproblems/ issues. To avoid such scenarios itis beneficial first to conduct exploratory research for understanding the issues / situation better.

 

A business research process consists of four steps;

Step 1:

Defining the problem (the decision for which info. is needed) and research objectives along with:

market structure

·  size of market, stage of development etc.

product concept

·  meaning of product in a particular environment

Marketing research project may have one of the three types of objectives;

· Exploratory research – is to gather preliminary

 

 

 

4 List the factors that affect the pricing strategy of an international firm? Explain the different pricing strategies the firms can adopt.

Answer : Intelligent pricing is one of the most important elements of any successful business venture. Smart small business owners will weigh many marketplace factors before setting prices for their goods and services.

LABOR COSTS

Labour costs consist of the cost of the work that goes into the manufacturing of a product or the execution of a service. Direct labour costs can be figured by multiplying the cost of labour per hour by the number of employee-hours required to complete the job. Business owners, however, need to keep in mind that the “cost of labour per hour” includes not only hourly wage or salary of the relevant employees, but also the costs of the fringe benefits that those workers receive.

 

MATERIAL COSTS

Material costs are the costs of all materials that are

 

 

 

 

5 Write short notes on:

a) International commercial terms(Inco terms)

Answer : Inco terms :

 

International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in International commercial transactions or Procurement processes. A series of three-letter trade terms related to common contractual sales practices, the Inco terms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods.

The Inco terms rules are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of most commonly used terms in international trade. They are intended to reduce or remove altogether uncertainties arising from

 

 

6 Explain the difference between the role of World Bank and International Monetary Fund.

Answer : What is the World Bank?

 

The World Bank provides over $20 billion in assistance to developing and transition countries every year. It was originally established in 1945 to support reconstruction in Europe after World War Two. Two years later it issued its first loan: $250 million to France for post-war reconstruction. Its mission has since grown.

 

Today, the  Bank’s mission is to reduce poverty. It has 187 member countries and provides money for activities ranging from agriculture to trade policy, from health and education to energy and mining. The World Bank is not a bank in the common sense of the word . A single person cannot open an account or ask for a loan.

 

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